Gentex Corporation (GNTX) Position Lessened by Artisan Partners Limited Partnership
Artisan Partners Limited Partnership cut its holdings in Gentex Corporation (NASDAQ:GNTX) by 2.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,589,490 shares of the auto parts company’s stock after selling 144,352 shares during the quarter. Artisan Partners Limited Partnership owned approximately 2.30% of Gentex Corporation worth $125,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of GNTX. Northwestern Mutual Wealth Management Co. lifted its holdings in Gentex Corporation by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock worth $100,000 after buying an additional 368 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Gentex Corporation by 11.4% in the first quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock worth $181,000 after buying an additional 870 shares during the period. LVM Capital Management Ltd. MI purchased a new stake in Gentex Corporation in the second quarter worth about $194,000. Sheaff Brock Investment Advisors LLC purchased a new stake in Gentex Corporation in the second quarter worth about $194,000. Finally, HL Financial Services LLC purchased a new stake in Gentex Corporation in the second quarter worth about $202,000. 80.83% of the stock is currently owned by institutional investors.
Shares of Gentex Corporation (NASDAQ GNTX) traded down 0.078% during midday trading on Tuesday, hitting $19.095. 148,134 shares of the company traded hands. The stock has a market capitalization of $5.45 billion, a P/E ratio of 15.155 and a beta of 1.15. The company has a 50-day moving average price of $17.81 and a 200-day moving average price of $19.18. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last posted its earnings results on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.01). Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The firm had revenue of $443.10 million for the quarter, compared to analysts’ expectations of $446.36 million. During the same period in the previous year, the company earned $0.30 EPS. The company’s revenue was up 4.6% on a year-over-year basis. Analysts anticipate that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 dividend on an annualized basis and a yield of 2.09%. Gentex Corporation’s payout ratio is 31.50%.
Gentex Corporation declared that its board has initiated a share buyback program on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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Several brokerages have commented on GNTX. FBR & Co restated an “outperform” rating and issued a $25.00 price objective on shares of Gentex Corporation in a report on Monday, July 24th. Zacks Investment Research upgraded shares of Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub upgraded shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. BMO Capital Markets reiterated an “outperform” rating and set a $22.00 target price (down from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Finally, Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $17.36 to $22.00 in a report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Gentex Corporation presently has a consensus rating of “Hold” and a consensus price target of $21.79.
In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $17.33, for a total value of $4,148,802.00. Following the completion of the transaction, the chairman now owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.50% of the company’s stock.
About Gentex Corporation
Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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